Browse FAQs

General

What is the difference between a provident, pension, RA and preservation fund?

All are retirement funds governed by the Pension Funds Act, but they serve different needs and purposes. Pension and provident funds are so-called workplace funds.

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How can I find out what my provident fund balance is?

If you are a 10X client, you can see this on your benefit statement, which you will find once you log into the Investor Portal.

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Should I be owing SARS money if my employer deducts PAYE?

If your employer deducts PAYE correctly, you should not owe SARS any money. But you have no guarantee that your employer has not made a mistake.

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How long does a death benefit take to be paid out?

It can take up to a year for a retirement fund death benefit to be paid out, as the trustees must ensure that all financial dependents are provided for.

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How much interest will my investment earn?

This falls into the ambit of financial planning, which we cannot do in this forum (we would need to do a full financial needs analysis). Factually, however, you can presently expect to earn interest of around 5%-6% pa.

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How long does Alexander Forbes take to pay out?

It usually takes between 4 and 12 weeks, to process a pay-out.

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What can I do to find out if I have surplus funds due to me?

You will have to contact your bargaining council, or your industry's retirement fund administrator, to find out if you have surplus funds due to you.

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How much tax will I pay on my GEPF resignation benefit?

How much tax will I pay on my GEPF resignation benefit?

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What is a tax directive?

Cash lump sums paid out by retirement funds are subject to either withdrawal or retirement lump sum tax (depending on whether you are simply withdrawing, or you are retiring).

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What is the percentage tax payable on resignation from the GEPF?

There is a formula: your benefit relating to pre 31 March 1998 is not taxed, the benefit relating to post 31 March 1998 service is taxed per the withdrawal lump sum tax table.

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How can I appeal against full commutation rejection?

The issue is that SARS tends to view retirement annuity and retirement fund matters in aggregate, rather than on a policy by policy basis. Otherwise it would become too easy to circumvent the provisions of the Income Tax Act

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Am I taxed for my portion of my ex-husband’s retirement fund?

You say your ex-husband will receive the proceeds from his retirement fund next week. If it is from a retirement annuity he can only take a third of this as cash; he must use at least two-thirds to buy an annuity

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How do I reactivate a deceased member's tax number?

You need to reactive your late father's tax number, so that they can issue a tax directive on his death benefit pay-out.

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Why did SARS disallow the deduction of my accumulated contributions?

Contributions not deducted for tax are returned tax-free to the retirement annuity holder on withdrawal.

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What happens in the event of a member’s death?

In line with section 37 of the Pension Funds Act, the trustees of the retirement fund will distribute the proceeds, considering first the needs of your dependants and then the beneficiaries listed in your nomination form.

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